The Columbian. [volume] (Bloomsburg, Pa.) 1866-1910, 1887-12-09
THE ANNUAL MESSAGE.
1t Deals Only with the Tariff
Question.
TAXES MUST BE REDUCED.
President Cleveland Urges Immediate
Action on the Part Of Congress

hction on the fart OF congress
He Strongly Advises a Revision Of the
Existing Tariff Laws, and Declares That
Unless Measures Are Taken to Reduce
the Surplus, the People Must Suffer.
He Appeals to the .NIanufacturers to
Exert Themselves in Favor of Tariff
Reduction.
WASHINGTON, Dec. 6--The presidents
annual message, read before congress, is as
follows:
To the Congress of the United States:
You are confronted at the threshold of
your legislative duties with condition Of
the national finances which imperatively de-
mands immediate and careful consideration.
The amount of money annually exacted,
through the operation Of present laws, from
the industries and necessities Of the people
largely exceeds the sum necessary to meet
the expenses OF the government.
THE PUBLIC TREASURY A BOARDING PLACE.
When We consider that the theory of our
institutions guarantees to every citizen the
full enjoyment of all the fruits of his in
dustry and enterprise, with only such deduc-
tion as may be his share toward the careful
and economical maintenance of the govern
ment which protects him, it is plain that the
exaction Of more than this is indefensibe
extortion, and a culpable betrayal of Amer
lean fairness and justice. This wrong in
nicted upon those who bear the burden of
national taxation, like other wrongs, multi
plies brood of evil consequences The
public treasury, which should only exist as
conduit conveying the peoples tribute to
it's legitimate objects of expenditure, be-
comes boarding place for money needlessly
withdrawn from trade and the peoples use,
thus Gripping our national energies, sus-
pending our country's development, pre-
venting investment in productive enterprise,
threatening financial disturbance, and in
viting schemes of public punder.
This condition of our treasury is not alto
gether new; and it has more than once of
late been submitted to the peoples repre-
sentatives in the congress, who alone can
apply a remedy. And yet the situation still
continues, with aggravated incidents, more
than ever presaging financial convulsion and
widespread disaster.
1t will not do to neglect this situation be-
cause its dangers are not now palpably inn
minent and apparent They exist none the
less certainly, and await the Unforeseen and
unexpected occasion when suddenly they
will be precipitated upon us
On the 3Oth day Of June, 1885, the excess
OF revenues over public expenditures after
complying with the annual requirement Of
the sinking fund act, was $l7, $50, ,735. "a;
during the year ended June &c. 1886, such
excess amounted to $40, ,4O5. .545 20; and dur.
ing the year ended June 80, 1887, it reached
the sum Of e55, ,587, ,s4954
THE SINKING FUND
The annual contributions to the sinking
fund during the three years above specified,
amounting in the aggregate to sl3s,O5S,-
32O9i, and deducted from the surplus as
stated, were made by calling ins for that
purpose outstanding per cent. bonds of the
government During the six months prior
to June 80, 1887 the surplus revenue had
grown so large by repeated accumulations,
and it was feared the withdrawal of this
great sum of money needed by the people
would SO affect the business of the country
that the sum of $40, ,S64 100 of such surplus
was applied to the payment of the principal
and interest Of the per cent bonds still
outstanding, and which were then payable
at the option of the government. The pre-
carious condition of financial affairs among
the people still needing relief, Immediately
after the Both day of June, 1887,
the remainder of the 8 per cent
bonds then outstanding, amounting with
principal and interest to the sum of
$lS,S17 500, were called in and applied to the
sinking fund contribution for the current
fiscal year. Notwithstanding these opera
tions of the treasury department., represen-
tations of distress in business circles not only
continued but increased, and absolute peril
seemed at hand. In these circumstances the
contribution to the sinking fund for the cur
rent fiscal year was at once completed by the
expenditure of ga, ,6s4, 2S3. IS in the purchase
OF government bonds not yet due bearing
4 and ~ per cent interest, the premium
paid thereon averaging about "a per cent for
the former and per cent. for the latter. In
addition to this the interest accruing during
the current year upon the outstanding
bonded indebtedness of the government was
to some extent anticipated, and banks se-
lected as repositories of public money were
permitted to somewhat increase their de-
posits
SURPLUS REVENUES.
While the expedients thus employed TO re-
lease to the people the money lying idle in
the treasury served to avert immediate
danger, our surplus revenues have continued
to accumulate, the excess for the present
year amounting on the 1st day OF December
to sos, ,25S, 7Ol 10, and estimated to reach the
sum OF Sll3, 900, 600 on the 30th of June next,
at which date it is expected that this sum,
added to prior accumulations, will swell the
surplus in the treasury to sl4O, 100000.
There seems to be no assurance that, with
such withdrawal from use of the peoples
circulating medium our business community
may not in the near iuture be subjected to the
same distress which was quite lately produced
from the same cause And while the func-
tions of our national treasury should be
few and simple, and while its best condition
would be reached, / believe, by its entire
disconnection with private business interests,
yet when, by perversion Of its purposes, it
idly holds money uselessly subtracted from
the channels of trade, there seems to be
reason for the claim that some legitimate
means should be devised by the government
to restore in an emergency, without waste
or extravaganza, such money to its place
smong the people,
NO EXECUTIVE POWER OF RELIEF
If such an emergency arises there now ex-
lists no clear and undoubted executive power
of relief. Heretofore the redemption of 8
per cent. bonds, which were payable at the
option of the governm, mt, has afforded a
means for the disbursement of the excess of
our revenues; but these bonds have all been
retired, and there are no bonds outstanding
the payment of which we have the right to
insist upon. The contribution to the sinking
fund which furnishes the occasion for ex-
penditure in the purchase of bonds has been
already made for the current year, SO that
here is no outlet In that direction.
In tn, present state of legislation the only
pretense OF any existing executive power to